Buy low, sell high

Ginger

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Apr 14, 2008
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Riddle:

Jimmy bought a bicycle for $20. But then he figured he didn't want the bike, so he sold it for $30. Then he suddenly decided he indeed wanted that bike in the first place, so he bought it back for $40. But after some long consideration, he sold the bike again for $50. Still not able to make up his mind, he bought it back for $60, only to later sell it again for $70. Did he gain or lose money?
 

Ginger

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Apr 14, 2008
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It amazes me how differently minds work...

Forgiven said "neither" which is what you would think if you're familiar with riddles! And that was my first thought, too.

Lynn does the math ...which is how I got the answer. (I don't have the official answer)
Altho we both did the math, we went about it totally different.

Lynn added all that was spent and then all that was received and then found the difference - a $30 gain.

I looked at it like three separate transaction with each transaction realizing a gain of $10 for a total of $30.

Now, the thing that goes through my mind, is: If he bought a bike for $20 that was worth $70, why didn't he sell it for $70 the first time and make a $50 profit? Then he could have bought another $20 bike and still come out $30 a head!!!!
 
Apr 9, 2011
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Riddle:

Jimmy bought a bicycle for $20. But then he figured he didn't want the bike, so he sold it for $30. Then he suddenly decided he indeed wanted that bike in the first place, so he bought it back for $40. But after some long consideration, he sold the bike again for $50. Still not able to make up his mind, he bought it back for $60, only to later sell it again for $70. Did he gain or lose money?
My thought is that there is no gain due to the usual flow of bills, and the buying of groceries, the paying of tythes or the passing of the offering plate. :)
 
Nov 21, 2009
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Okay, since I'm not a math whiz, I may have done the calculations wrong. The riddle does NOT say how much money he had in the beginning. So I tried figuring that out. He may have had 40 dollars or more. I decided to say he had 40 dollars in the beginning. After I did the calculations, the amount was 70 dollars. So he gained money.

Hopefully that makes sense.
 

Ginger

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Apr 14, 2008
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Okay, since I'm not a math whiz, I may have done the calculations wrong. The riddle does NOT say how much money he had in the beginning. So I tried figuring that out. He may have had 40 dollars or more. I decided to say he had 40 dollars in the beginning. After I did the calculations, the amount was 70 dollars. So he gained money.

Hopefully that makes sense.

He originally paid $20 for the bike.
 
Nov 21, 2009
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He originally paid $20 for the bike.
Yeah, I know that. But does it mean that he HAD 20 dollars in the beginning or did he have more than 20 dollars? Like...he could have had 40 dollars, and paid 20 dollars for the bike. Do I make sense? I don't know if I am haha.
 
Nov 21, 2009
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I think I understand what you're trying to say, Spinnerator :), but whatever he started with, he now has $30 more than he did at first.
Yeah, just because he SPENT 20 dollars, does not mean that he ONLY had 20 dollars in his pocket. For all we know, he could have had 25 dollars in his pocket, and just spent 20 dollars for the bike. Lol.
 

Ginger

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Apr 14, 2008
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Don't apologize. That was a great post!!!!! Very realistic view. If this exact same scenario happened to me, I would be down about $0.00 by the end!
 
Jan 2, 2008
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Simple. He made money each time he sold it. Now the deal is...... do we want him to go to Washington and straighten things out.